The auto-enrolment initiative was released in October 2012, and is a change in workplace pensions law that commits each employer to enrol qualified employees in a workplace pensions scheme, and also to make agreed contributions towards this essential retirement preparation. The deadline for falling into line with the new regulations is called "a staging date", which may be different for different businesses. This date is determined by the total number of people in an orgsanisation's largest PAYE scheme, based on April 2012 figures.
Saving for retirement has become a challenging issue for workers in the UK in recent years, and the government are moving to ensure that Britain doesn't have a problem on their hands when more and more people retire without sufficient savings to life from. Auto-enrolling employees on to a scheme and increasing contributions ensures that many people will have the start that they need to properly save for the future post-employment.
There are a few complexities to the auto-enrolment process that provides Cotswold Finanical Planning with the opportunity to help Oxfordshire and Gloucestershire businesses comply correctly with all regulations. As a company who specialise in financial planning, mortgages, and protection, Cotswold Financial Planning are well-positioned to provide an expert service to businesses and individuals seeking support about developments such as this.
For more information about preparing for auto-enrolment on workplace pensions, and for other financial planning and advice services, visit the Cotswold Financial Planning website;
Cotswold Financial Planning Ltd, 10a Astley House, Cromwell Park, Banbury Road, Chipping Norton, Oxon, OX7 5SR
Call: 01608 651608